Therefore, the debt is charged off. But the accounting move by the creditor to charge off the balance due in no way affects your obligation to pay what is owed. In the most basic terms, a debt is owed until it is paid. However, state laws provide a statute of limitations for collecting a debt using the courts. The laws vary, but most states do not allow creditors to sue in court to collect on an open-ended account, such as a credit card account, after three to six years.
sorrow meaning, definition, what is sorrow: (a cause of) a feeling of great sadness: . Learn more.
mournÂ·ful. adj. 1. Feeling or expressing sorrow or grief; sorrowful. 2.